In July, FAO’s Food Price Index (deflated) saw its first YOY increase in 22 months. July’s Index was up 2.3 percent YOY, a considerable difference from the previous 12 months, which saw an average YOY decline of 6.4 percent.
Looking at individual subindexes, both Meat and Sugar continued their four-month upward trends, up 6.7 percent and 9.6 percent vs. July 2018. The Cereal Index saw a second month of growth, up 4.1 percent YOY.
Dairy fell for the second month in a row, down 2.8 percent, after five months of YOY gains. The Oils Index, down 10.9 percent YOY in July, has been down for 28 straight months.